Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help Sau Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company's

image text in transcribed
image text in transcribed
Help Sau Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (a) 8,000 Revenue ($4.209) $33,600 Expenses: Packing supplies (50.259) 2,000 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,500 + $0.25) 4,500 Shipping (50.65) 5,200 Utilities ($1,260) 1,260 Other ($450 + $0.014) 530 Total expense 16,890 Net operating incone $ 16, 710 06 The actual results for August appear below. Quilcene Oysteria Incone Statement For the Month Ended August 31 Actual pounds 8,000 Revenue 527,200 Expensest Packing supplies 2,170 Oyster bed maintenance 3,260 Wages and salaries 4,910 Shipping 4,930 Utilities 1,070 Other 1,150 Total expense 17,490 Net operating income $ 9,710 Required: Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect fi.e., zero variance). Input all amounts as positive values.) Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salarios Shipping Utilities Other Total expense Net operating income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

6th edition

978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163

Students also viewed these Accounting questions